HOLDEN — In addition to selecting a superintendent on Monday, the Wachusett Regional School District Committee voted to switch its bus contract and to refinance a $20 million bond for the construction/renovation of the Wachusett Regional High School.

The district is in the middle of a three-year contract with Atlantic Express, which has declared bankruptcy and is expected to be disbanded on Dec. 31.

To ensure that the district would have buses for all students when school reopens on Jan. 2 after winter break, Business Manager Joseph Scanlon requested bids, which were due Monday.

Only one bid was received: AA Transportation of Shrewsbury submitted a bid to take over the district's bus routes starting Jan. 2. The contract is for three and a half years, with an option for the district to extend it for two more years.

Before putting the contract before the school committee, Mr. Scanlon explained that it is more costly than the current contract and would create a $46,394 shortfall in the budget.

"That will have to be managed," Mr. Scanlon said. "I only got these figures today, and right now my answer has to do with when we will release the spending freeze."

Mr. Scanlon also said the annual increases for the AA contract are larger than what the district had contracted for with Atlantic Express.

The committee unanimously voted to cancel its contract with Atlantic Express effective Dec. 31 and to enter into a contract with AA Transportation through June 30, 2017.

Mr. Scanlon told the committee that if it did not choose to contract with AA Transportation, the district would be able to seek other transportation providers under the state's emergency procurement provisions.

Mr. Scanlon cautioned that it was possible the district would not be able to replace all of its bus routes, and the costs could be even greater than in the AA contract.

On a more positive financial note, the school committee unanimously voted to refinance a $20 million construction bond, which will provide immediate savings to the five member towns when their May 2014 assessments are reduced by a total of $259,984.

Mr. Scanlon told the committee that the bond is being refinanced through the State House Note Program. The total savings will be $1.25 million through the life of the bond.